Ten out of the 16 markets recorded positive improvements from the second half of 2012. Myanmar led with 96 index points followed by India (82), Indonesia (81) and the Philippines (79.9).

However, Japan recorded the most substantial improvement in consumer confidence, surging 37 index points from the previous survey to 60.7 index points, a record eight-year high. This is the highest since the second half of 2005 when the index reached 63.

Pierre Burret

Sentiment among Taiwanese and Korean consumers also jumped, with increases of 19.2 and 14.8 index points respectively. The overall score for Taiwan more than doubled that seen in the previous Index (25.7).

The biggest decline in consumer confidence was in Bangladesh, which dropped 39.5 to 22.2 index points, underpinned by political uncertainty, a series of strikes, and crisis in the key garments sector.

Consumer confidence also dipped in Vietnam, down 16.1 index points from the previous survey to 58.4, with the sub-indexes for all major indicators taking a hit.

Overall sentiment among consumers in Asia/Pacific improved by 1.2 index points, from 62.1 index points in the second half of 2012 to 63.3 index points.

Pierre Burret, region head, Asia Pacific, MasterCard Advisers, said Asians are still relatively optimistic about the state of their economies. “The large jumps in consumer confidence seen in Japan can be attributed to the government’s measures to tackle deflation, whereas in the case of Korea it can be linked to the new government’s strong measures to boost the domestic economy, particularly in property-related tax cuts.”

• The MasterCard Index of Consumer Confidence (“Index”) is based on a survey conducted between April 2013 and May 2013 on 12,205 respondents aged 18 to 64 in 27 countries within Asia Pacific, Middle East and Africa. This is the 41st survey of Consumer Confidence conducted since 1993.